UK-based asset manager Fidelity Worldwide Investment is restructuring its regional sales teams as a result of the Retail Distribution Review.

A spokesperson for Fidelity said that although some jobs may be cut, the team was expected to grow.

"In response to the changing landscape as a result of the RDR we are currently reviewing the structure of Fidelity's retail sales team to best meet the needs of advisors. Under these changes the team is expected to grow, although some roles may no longer exist," the spokesperson said.

The RDR was introduced at the beginning of this year to reduce risk of mis-selling and make financial advisors more impartial by stamping out use of trail commissions.

Financial advisors no longer earn commission set by the product provider, but are instead paid an advisor charge that is agreed with the client in advance. Firms are also having to retrain staff in order to meet the necessary qualification standards for the RDR.

Research released last week by Core Data found that discretionary fund managers in the UK are becoming increasingly ruthless and are more likely to axe fund managers if they fail to perform within the first 12 months as a result of the RDR.

According to the research,  half of discretionary fund managers said they would replace a fund manager who has underperformed for only six months, whilst the average firm would tolerate only 10 months of underperformance before replacing a manager. For more on this story, click here.